ERMA – Voters overwhelmingly approved a referendum for the Lower Cape May Regional School District for HVAC replacements for Lower Cape May Regional High School and Richard Teitelman Middle School.
The unofficial results were 1,490 yes votes to 456 no votes. Almost 2,000 residents of Lower Township, Cape May, and West Cape May cast ballots. The county has not yet released the vote results by district.
The district asked for approval to bond for $13.9 million for new HVAC equipment at both locations and roof replacement at the middle school. The total cost of the project will be $15.6 million, but the district has committed $1.7 million in Covid relief funds to offset some costs at the high school.
The middle school was built in 1974, with a second story addition added in 1995. Officials said its roof and HVAC systems were at the end of their useful life.
The high school was originally constructed in 1960. There have been additions over the years, with the most recent being an auditorium in 2000.
District officials have said that the new bond funding will not raise taxes in the municipalities served by the regional district. The district draws students from Cape May, Lower Township, and West Cape May. Cape May Point students attend the district on a send-and-receive basis, where the borough pays a per-student fee. The school district serves approximately 1,230 students.
The project was able to be tax neutral because the district is retiring old debt before bonding for new funds and the state is contributing 40% of the cost in state aid. The district must bond for the full $13.9 million, and the state will contribute its share on an annual basis.
Presentation by the district at a virtual town hall meeting showed the debt level of the district will remain almost the same after bonding for the new funds, as it was before the referendum.
The district’s financial advisors projected the expense based on an interest rate of 3.5% for 20-year bonds. The actual interest rate will not be known until the bonds are sold.
To contact Vince Conti, email vconti@cmcherald.com.
